Treasury bond

912810TU2 · 4.375% due August 15, 2043

Original term
20-Year
Maturity
Aug 15, 2043
Coupon
4.375%
Pays
Semi-Annual
Dated
Aug 15, 2023
First coupon
Feb 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.65bn
Held stripped
$8.6m
Share stripped
0.02%

Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, September 10, 2026

Yield to maturity
5.348%
Modified duration
11.459 yr
DV01
0.1026
Convexity
170.069
Dirty price
89.571

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 10 of twelve buckets, summing to 11.668 years against a modified duration of 11.459.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 26.12 cents per 100 of face.

That is -0.72 standard deviations from its own typical residual.

Yield to maturity, 758 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Aug 31, 2023Sep 10, 2026Aug 31, 2023Yield to maturity4.389%Sep 27, 2023Yield to maturity4.926%Oct 24, 2023Yield to maturity5.167%Nov 17, 2023Yield to maturity4.804%Dec 14, 2023Yield to maturity4.240%Jan 11, 2024Yield to maturity4.334%Feb 7, 2024Yield to maturity4.423%Mar 5, 2024Yield to maturity4.425%Mar 29, 2024Yield to maturity4.462%Apr 24, 2024Yield to maturity4.902%May 20, 2024Yield to maturity4.682%Jun 14, 2024Yield to maturity4.480%Jul 12, 2024Yield to maturity4.498%Aug 7, 2024Yield to maturity4.338%Sep 3, 2024Yield to maturity4.204%Sep 27, 2024Yield to maturity4.123%Oct 24, 2024Yield to maturity4.531%Nov 20, 2024Yield to maturity4.675%Dec 17, 2024Yield to maturity4.675%Jan 14, 2025Yield to maturity5.062%Feb 10, 2025Yield to maturity4.746%Mar 7, 2025Yield to maturity4.655%Apr 2, 2025Yield to maturity4.552%Apr 28, 2025Yield to maturity4.687%May 22, 2025Yield to maturity5.065%Jun 18, 2025Yield to maturity4.879%Jul 16, 2025Yield to maturity4.994%Aug 11, 2025Yield to maturity4.790%Sep 5, 2025Yield to maturity4.681%Oct 1, 2025Yield to maturity4.644%Oct 28, 2025Yield to maturity4.485%Nov 24, 2025Yield to maturity4.593%Dec 19, 2025Yield to maturity4.738%Jan 16, 2026Yield to maturity4.734%Feb 12, 2026Yield to maturity4.616%Mar 11, 2026Yield to maturity4.774%Apr 6, 2026Yield to maturity4.841%Apr 30, 2026Yield to maturity4.921%May 27, 2026Yield to maturity4.965%Jun 23, 2026Yield to maturity4.913%Jul 20, 2026Yield to maturity5.067%Aug 13, 2026Yield to maturity5.154%Sep 9, 2026Yield to maturity5.233%Sep 10, 2026Yield to maturity5.348%

Price history

758 trading days to Sep 10, 2026

859095100105110Aug 31, 2023Sep 10, 2026Aug 31, 2023Close99.813Sep 27, 2023Close93.063Oct 24, 2023Close90.250Nov 17, 2023Close94.563Dec 14, 2023Close101.781Jan 11, 2024Close100.531Feb 7, 2024Close99.375Mar 5, 2024Close99.344Mar 29, 2024Close98.875Apr 24, 2024Close93.469May 20, 2024Close96.125Jun 14, 2024Close98.656Jul 12, 2024Close98.438Aug 7, 2024Close100.469Sep 3, 2024Close102.219Sep 27, 2024Close103.281Oct 24, 2024Close98.031Nov 20, 2024Close96.281Dec 17, 2024Close96.281Jan 14, 2025Close91.781Feb 10, 2025Close95.469Mar 7, 2025Close96.563Apr 2, 2025Close97.813Apr 28, 2025Close96.188May 22, 2025Close91.844Jun 18, 2025Close93.969Jul 16, 2025Close92.688Aug 11, 2025Close95.031Sep 5, 2025Close96.313Oct 1, 2025Close96.750Oct 28, 2025Close98.656Nov 24, 2025Close97.375Dec 19, 2025Close95.688Jan 16, 2026Close95.750Feb 12, 2026Close97.125Mar 11, 2026Close95.313Apr 6, 2026Close94.563Apr 30, 2026Close93.688May 27, 2026Close93.219Jun 23, 2026Close93.813Jul 20, 2026Close92.156Aug 13, 2026Close91.250Sep 9, 2026Close90.438Sep 10, 2026Close89.250
The most recent 20 trading days of prices for 912810TU2.
DateBidOfferClose
Sep 10, 202689.67289.62589.250
Sep 9, 202690.18890.15690.438
Sep 8, 202690.84490.81390.656
Sep 4, 202690.87590.84490.781
Sep 3, 202691.00090.96990.781
Sep 2, 202690.51690.50090.500
Sep 1, 202690.81390.78190.500
Aug 31, 202690.71990.68890.813
Aug 28, 202691.46991.43891.125
Aug 27, 202691.65691.62591.469
Aug 26, 202691.65691.62591.594
Aug 25, 202691.75091.71991.781
Aug 24, 202691.31391.28191.125
Aug 21, 202690.78190.75090.688
Aug 20, 202690.98490.96991.156
Aug 19, 202691.40691.37591.531
Aug 18, 202690.34490.31390.469
Aug 17, 202690.50090.46990.219
Aug 14, 202690.70390.68890.719
Aug 13, 202691.21991.18891.250

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

3 auctions

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912810TU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 23, 2023Aug 31, 2023New issue$16.0bn$17.7bn2.56x4.499%
Sep 19, 2023Oct 2, 2023Reopening$13.0bn$13.0bn2.74x4.592%
Oct 18, 2023Oct 31, 2023Reopening$13.0bn$13.0bn2.59x5.245%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.